Real and nominal effects of monetary policy shocks
. Then we estimate a recursive VAR model with innovations in a monetary aggregate and the overnight target interest rate as alternative measures of monetary policy shocks. We find that a negative policy shock raises both nominal and ex ante real interest rates, lowers inflationary expectations and real industrial output, and appreciates the Canadian dollar.
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Volume (Year): 40 (2007)
Issue (Month): 2 (May)
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